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WTI rose $2.01, or 3%, to settle at $70.10, its biggest daily gain since May 5. Brent settled at $74.28 after a 2.3% gain.
Prices rose ahead of an OPEC+ meeting, while House passage of a bill to suspend the US debt ceiling offset rising US inventories.
Expectations of OPEC+ supply restraint and reduced US default risk support crude prices. Stronger energy prices tend to lift biofuel-linked and input costs for feed.
reuters.comShariq KhanJun 1, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
